The company has announced that Iris CC Holdings will purchase Canberra Casino from Aquis Entertainment for A$63 million. Aquis said it had accepted the amended offer and had since signed a new share purchase agreement with Iris to transfer Aquis Canberra to the latter for that sum. Prior to this, Aquis had a contract with Capital Leisure & Entertainment Pty Ltd, which is owned and managed by parties connected to the Oscars Group (Oscars). To learn more about the terms of the contract with the Oscars, go to the Aquis statements from May 12 and July 6, 2022.
Iris has reaffirmed that the Transaction would have no impact on any of Casino Canberra’s employees’ ability to work.
The proposed Transaction with Iris is preferred by the Independent Directors of Aquis over the terms of the proposed sale to Oscars, in their opinion. The proposed transaction, in particular, represents a significant improvement over the Oscars transaction, which valued Aquis Canberra at A$58.2 million on a debt-free and cash-free basis (apart from the requirement that Aquis Canberra be transferred with at least $3 million in cash held to satisfy certain casino regulatory requirements). It also increases execution certainty because the full purchase price will be paid into a trust account before finalizing the transaction.
Aquis and Casino Canberra’s CEO, Allison Gallaugher, stated:“The revised Transaction represents a considerable value uplift to the Company and its shareholders and recognizes the continued strong operating performance and potential of the business. I am very excited to work with Iris on the continual improvement of our business.”
Sam Arnaout, Sole Director of Iris, added: “We are excited about the opportunity to acquire Casino Canberra and look forward to working collaboratively with the Aquis team in the future.”